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Columbus Apartment Rental Market Getting More Expensive

Home Forums General Columbus Discussion Columbus Apartment Rental Market Getting More Expensive

Viewing 15 posts - 136 through 150 (of 150 total)
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  • #1101981
    Walker Evans
    Walker Evans
    Keymaster

    So that adds up to about 240 brand new low income housing units within the past couple years downtown… That’s roughly equivalent to 3 brand new North Bank Condo towers in terms of units.

    Certainly, there’s a need for more low income housing, but that’s an interesting way to frame it if comparing the polar opposites of the real estate spectrum.

    #1101986

    SusanB
    Participant

    Unfortunately most of the LITC (low income tax credit) housing is being built in struggling, working class or already impoverished neighborhoods that don’t really have jobs, services or good COTA routes. Mostly on the west and south sides. It’s especially appalling when you look at the research about concentrating poverty:

    Research indicates that as neighborhood poverty rates increase, undesirable outcomes rise and opportunities for success are less likely. The effects of concentrated poverty begin to appear once neighborhood poverty rates rise above 20 percent and continue to grow as the concentration of poverty increases up to the 40 percent threshold. This indicator defines areas of concentrated poverty as those census tracts with overall poverty rates of 30 percent or more because it is a commonly used threshold that lies between the starting point and leveling off point for negative neighborhood effects. The 2013 federal poverty threshold is $23,624 per year for a family of two.

    #1101987
    Josh Miller
    Josh Miller
    Participant

    Unfortunately most of the LITC (low income tax credit) housing is being built in struggling, working class or already impoverished neighborhoods that don’t really have jobs, services or good COTA routes. Mostly on the west and south sides. It’s especially appalling when you look at the research about concentrating poverty:

    My original point was that downtown has not been evolving in a high-end vacuum, there has been representation on both ends of the spectrum although no argument from anyone that there is a need for more low-income housing.

    I don’t want to open up a big socioeconomic can of worms but the far south side around Buckeye Steel (now Columbus Steel Castings) was built for lower income from the get-go 100 years ago through recruitment and relocation of southern Ohioans and West Virginians who were willing to do the work for what Buckeye Steel was willing to pay… Laborers in Columbus were too expensive. The result was the neighborhoods that popped up in close proximity to accommodate around Parsons & Rt 104.

    In present day the bulk of manufacturing and blue collar jobs remain on the south and west sides of town, especially due to the huge logistics hubs/intermodal facilities in each of those areas meanwhile the blue collar industries are going through their own massive labor shortages. Just last month COTA launched a new route to service the Rickenbacker area in attempt to bring laborers to the labor.

    National Church Residences does a great job of spreading out their new projects, map below. There are a ton of likely less reputable groups in addition to property management cos and private owners who have the ability to apply and receive approval to market their properties as such but how do you regulate those numbers without it becoming a nimby issue with poverty?

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    #1101994

    Cbussmallbiz
    Participant

    Is national church only assisted living or is it all groups of applicants? I wonder if demand changes or shifts if you will see a move into complexes accepting vouchers. I dont understand the less reputable comment about private companies.

    #1101995
    Josh Miller
    Josh Miller
    Participant

    Is national church only assisted living or is it all groups of applicants? I wonder if demand changes or shifts if you will see a move into complexes accepting vouchers. I dont understand the less reputable comment about private companies.

    I think they’re a little of everything.
    The less reputable implies owners who inflate the rents on sub-par properties, basically taking advantage of the supplement provided by HUD/CMHA or whoever distributes the funds each month. All while letting the properties slide closer to disrepair.

    #1102024

    dubdave00
    Participant
    #1102025

    Nancy H
    Participant

    The reduced rent lottery system in New York was interesting to explore. Could provide some possibilities in Columbus. Instead of just giving developers a ten year tax abatement, they could require a percentage of the units be low income lottery units for that ten year time frame too. Great way to spread lower income people around the City instead of putting them all together in a Section 8 building or development.

    #1102030

    Cbussmallbiz
    Participant

    Yes yes Nancy. Sprinkle the families with kids all around. much data showing the kids do drastically better. Smash the concentrated communities to bits.

    #1102031

    Cbussmallbiz
    Participant

    Had a thought… Will there be increased upward pressure on rents from increasing interest rates. If the monthly costs of ownership keep rising, forcing more folks to chose renting over owning?

    #1102084

    SusanB
    Participant

    Not to argue with you Josh but German Village was originally working class/low income as well. So how a neighborhood starts should not have any bearing on what it is today IMHO.

    National Church Residences may be spreading out their projects but other very large CDC’s like Homeport/CHP and NRP are building huge numbers of LITC housing units on the west and south sides, thus concentrating poverty there. All under various LLCs so mapping is pretty much impossible.

    #1105902

    [email protected]
    Participant
    #1114793

    taxguy17
    Participant

    The Rise of Renting in the U.S
    http://www.citylab.com/housing/2016/02/the-rise-of-renting-in-the-us/462948/

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    #1114841
    Ned23
    Ned23
    Participant
    M@C wrote:

    Did anyone see this article on the rental market?
    http://m.bizjournals.com/columbus/blog/2015/12/harvard-researcher-says-multifamily-prices-have.html

    Even if this were the case, it only applies to these newer, larger, very well trimmed apartments in nice areas. There are thousands older apartments in my neighborhood that have barely risen in rent in 10 years and always have “For Lease” and “Move in Special!” signs on them. They may not have granite counter tops or stainless steel appliances, and they may not be within walking distance of a Sunday Brunch with a bloody Mary cart, but there is no shortage of them to be sure. The apartments my brother lived in in the 1990s for $425/mo are now going for $595/mo. 20 years later, for example, and they’re still pretty much the same one bedrooms with laminate surfaces and carpeting.

    #1114911
    Posole
    Posole
    Participant

    This is what I keep saying, Apartments are not really getting more expensive so much as they’re just building more high-end apartments that rent for more and bringing up the average

    So I wanted to ask again. Does anyone know if any of the new complexes are accepting section 8 vouchers. I’m very interested to know.

    Depends on the complex. You’re not going to get into a condo-grade flat on Section 8 but by the same token having newer, nicer options is probably opening up a lot of older apartments to lower income and Section 8 renters.

    #1114913

    Eugene_C
    Participant

    Doesn’t that amount to the same thing though? If they’re building at the high and but NOT at the low end, then that means apartments are actually getting more expensive. If they were also building at the low end than that would keep the moving average from rising so quickly. So, what people are saying is that they’re not building at the low end.

Viewing 15 posts - 136 through 150 (of 150 total)

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